The state of São Paulo is the first to revise its legislation to adapt to changes made by an April 2015 federal amendment for purposes of the ICMS regime.
The ICMS—Imposto sobre Circulação de Mercadorias e Serviços—is a state-level sales tax imposed on the physical movement of merchandise. The ICMS is also levied on certain inter-state and inter-municipal services.
Law 15,856/15 (2 July 2015) provides new rules and makes changes to the 1989 law establishing the ICMS regime in the state of São Paulo, and has an effective date of 1 January 2016. Among the changes, the new law:
Read a July 2015 report (Portuguese) prepared by the KPMG member firm in Brazil: ICMS-SP - Novas regras
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